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JLR Revives with 3Q Pretax Profit
Jaguar Land Rover Ltd. returned to pretax profit in the third quarter as a richer product mix generated more revenue on fewer unit sales.
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Jaguar Land Rover Ltd. returned to pretax profit in the third quarter as a richer product mix generated more revenue on fewer unit sales.
A pretax profit jumped to £156 million ($200 million) from £90 million a year ago and reversed a £395 million loss in the second quarter. JLR’s result helped cut the quarterly net loss for its parent, Tata Motors Ltd., nearly 80% to 2.2 billion rupees.
Revenue in the third quarter advanced 8% to £6.1 billion ($7.3 billion), thanks to a 24% jump in unit wholesales in China. The company says it offset a 1% dip in global volume was with lower operating costs, favorable exchange rates and more revenue per unit sold.
JLR reports that its Project Charge cost-cutting efforts have delivered £2.2 billion ($2.8 billion) in efficiencies to date, including third-quarter reductions of £162 million in costs and £285 million in investment spending. The company aims for £2.5 billion in cumulative savings by the end of March.
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